The USDJPY initially tumbled lower on the headlines from the US jobs report. That move took the price below its 100 day moving average at 109.688, but stalled ahead of a swing low area between 109.56 and 109.58. The low price reached 109.62 and bounced higher.
The subsequent move back to the upside saw the pair move back up to retest its 200 hour moving average near 109.950. The 100 hour moving averages at 109.983 was also in play on the bounce.
Sellers leaned against that dual moving average level and the price has since moved back down. We currently trade at 109.78.
The inability to move back above the 100/200 hour moving averages has the pairs bias remaining on the bearish side of the technical ledger. Sellers are more in control, the bias is more to the downside.
Having said that, the price action going back to August 18 has seen a lot of up and down moves with the price trading between 109.407 and 110.414 (in a 100 pip trading range). The market is unsure of which way it wants to go. What we do know in the short term volatility, however, is that the the tilt is currently to the downside, but with additional work needed to increase that bearish bias.